Life After Undergrad: Nursing School Edition | 05.07.10
They may not get the white coat or the prestige of being called “Doctor”, but nurses are as invaluable to the health community as anyone. Often times, nurses do as much, if not more, for patients than doctors (at least that’s what my nurse friends tell me).
Anyone who chooses nursing as a career path realizes that becoming a nurse is a great opportunity to help patients and potentially save lives. If you are interested in a career in medicine and have top-notch bedside manner, paying for nursing school might seem tricky, but there are a number of fine student loan options:
Federal loans. Many of the same federal loan options available to you as an undergraduate are still an option for attending nursing school. Just fill out a new FAFSA application to determine your financial aid need. You can borrow up to $20,500 ($8,500 of which can be subsidized) and the loan carries a 6.8 percent interest rate. You can also file for a Grad PLUS loan, which allows you to borrow up to the cost of education minus any other financial aid. The Grad PLUS loan carries an 8.5% interest rate.
Private Loans. If federal loans combined with any grants/scholarships -visit Student Scholarship Search for the Internet’s largest source of nurse-specific scholarships - for which you may be eligible are not enough, you may consider private loans to cover some of the cost of a nursing school education. Private loans let you borrow right up to the full cost of attendance.
Repayment options: One of the perks of becoming a nurse is the added eligibility of a loan forgiveness program. As the demand for nurses grows, the federal and state governments are offering to help pay back some of your student loan debt. Typically, the amount the government pays is dependent on the need of the area and the number of years you are willing to work there. Contact the Health Resources and Services Administration at 1-800-221-9393 for more details.
ScholarshipPoints code: NURSE
Image credit: jenny morros on Flickr
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